Getting Your Foot in the Door: First Home Buyer Incentives You Should Know About

Buying your first home is a milestone many dream of — but with recent rises in property prices, it can feel more out of reach than ever. Fortunately, a range of government initiatives are available to help first-time buyers in Western Australia break into the market. From cash grants to generous stamp duty concessions and low-deposit loans, these incentives could be the key to getting your foot on the property ladder sooner than you think.

The First Home Owner Grant (FHOG) remains one of the best-known incentives. It offers a one-off $10,000 payment for those purchasing or building a new home. Lesser known, however, is that homes that have undergone substantial renovations may also qualify — provided the home will be your primary place of residence. Another bonus: first home buyers may also be eligible for a grant of up to $2,000 from the First Home Buyers Assistance Account, designed to ease the burden of costs like mortgage registration, valuation, and inspection fees.

Stamp duty changes are also making headlines. From 21 March 2025, first home buyers purchasing properties under $500,000 will no longer have to pay stamp duty, saving up to $18,000. A concessional rate applies to properties valued up to $700,000 in Perth and up to $750,000 in regional WA, easing the cost of entering the market at higher price points.

For those who haven’t yet saved a full 20 per cent deposit or don’t qualify for a traditional home loan, the Keystart initiative offers a great alternative. With loans that require as little as a 2 per cent deposit and no need for lender’s mortgage insurance, Keystart is designed to make homeownership more accessible. As of December 2024, the property price cap for Keystart loans increased from $650,000 to $730,000, and income limits are generous — up to $148,000 for singles and $218,000 for families or couples.

The Federal Government also provides support through the Home Guarantee Scheme, where eligible buyers can access loans without lender’s mortgage insurance thanks to government-backed guarantees. Additionally, March 2025 brought news of income and price cap increases for the Help to Buy Program, making it more accessible to a broader range of buyers. While this program’s start date is still pending, it’s worth keeping an eye on for further developments.

Whether you’re ready to buy or just beginning to plan, taking advantage of these incentives can make a major difference. With the right information and support, your first home might be closer than you think.

If you'd like to talk about how this will affect your property plans, don't hesitate to contact the team at Bellcourt on 08 6141 7848.